LOC and Builder LOC

LOC and Builder LOC

Everyone, I am new to the board and have a question regarding getting a LOC. I am wanting to start doing some remodeling on the side ( I have done this for years part time), but this time I am looking at purchasing some property.

I am trying to decide the best way to go about this. I am not a business as I have a full time job, W2 etc. I have found an old house that I want to purchase, remodel and put back on the market and sale. This house is around 65k to purchase, and needs about 10k in remodeling work.

My question is, what is the best way to go about this? Should I get a builders LOC? If so what are the best banks, CU;s for approval? What qualifications?

Should I go the aged corp route and PG then just build the corp? I only need 75k - 100k LOC?

I just do not know what is the best and easiest way to go about doing this or where to start?

Re: LOC and Builder LOC

From my observation in getting loans and LOCs in the past, I'd think that a loan would be cheaper for you. I've found the rates are lower than a LOC and like with a LOC, you can always PIF after you finish and sell it, if that's the goal.

If you are going to turn this into a biz, you'd probably want to set up at least a LLC since you are doing the work. You wouldn't want someone to sue for faulty this or that. I'd check with your realtor and banker as they'd be a good resource in how others are doing that as a flipper.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.